Which of the following may characterize a monopoly?

Question

Quizplus · Accepted Answer

A monopoly is characterized by substantial market power, meaning that the firm has the ability to control the price and quantity of a good or service in the market. This is typically a result of the absence of competition, which allows the monopoly to set prices higher than a competitive market would provide. Low barriers to entry and many firms are more characteristic of a competitive market with many players.

Which of the Following May Characterize a Monopoly